Chinese telecoms giant Huawei said Tuesday it would invest $2 billion (€1.75 billion) over the next five years into cybersecurity, amid intensifying scrutiny of the firm's equipment for security risks.

Speaking to reporters in Dongguan, China, Huawei's rotating chairman Ken Hu said the company was fighting back against allegations that its equipment posed a security risk, Reuters reported.

"We think any concerns or allegations on security at Huawei should be based on factual evidence," Hu said, adding that “without factual evidence we don’t accept and we oppose those allegations.”

Huawei is a lead provider of equipment for high-speed fifth-generation, or 5G, networks in Europe, and faces the prospect of losing market access if governments turn against it.

The company has so far secured 25 commercial contracts to lay 5G networks globally and shipped more than 10,000 base stations for those networks, a company official told Reuters.